Ok, so my predictions for the market holding steady did not exactly happen in August. To be honest though, I was shocked when I researched the numbers and saw that only 87 units closed in Sumter County during the month of August. This was a true surprise because we were having a lot of buyer activity.... With that being said, I still think my predictions will hold true from my July Market Update.
The units sold decreased to 87 in August vs. 103 in July, with the pending decreasing from 172 in July to 166 in August. The number of pending at the end of August was still higher than June at 164. Based upon the activity in September, I am expecting to see the number of closings climb in September.
August also brought the lowest number of listings for a month in 2008! With only 151 units listed in August, we saw a decrease of 31 units vs. July 2008. The trend of listings per month over the past several years indicates a decrease in listings until approximately November.
Overall Sumter has had 743 units closed year to date with 1436 units listed. Our listing inventory remains high, but may normalize more if the number of listings per month decreases or stay around the August level. Also with the changes in Freddie Mac and Fannie Mae, the interest rates have decreased and makes it a great time to purchase a home.
Copyright®, September 2008, Kim Peasley-Parker.